BitMine Boosts Ethereum Holdings with $200 Million Acquisition from Bitgo
Blockchain technology firm BitMine Immersion Technologies has made a substantial addition to its Ether (ETH) reserves, purchasing $200 million worth of ETH from digital asset trustee Bitgo. Data from Lookonchain indicates that the acquisition involved three transactions totaling 46,255 ETH on Wednesday.
This purchase marks BitMine’s second significant ETH acquisition this week, following a massive 202,500 ETH buy on Monday that pushed its total holdings beyond the 2 million ETH milestone for the first time. With the latest purchase, BitMine’s Ether treasury now exceeds 2.1 million ETH, valued at approximately $9.2 billion, bolstered by a 2% increase in ETH’s market price over the past day.
Leading the Pack Among Public Ethereum Holders
BitMine maintains its position as the public company with the largest Ethereum holdings, outpacing the runner-up Sharplink Gaming, which holds over 837,000 ETH. The firm’s two purchases this week alone nearly match the total ETH acquisitions made by treasury firms last week, according to Strategic ETH Reserve data.
Last week’s ETH buying was led by The Ether Machine’s 150,000 ETH purchase, followed by BitMine’s 74,300 ETH acquisition, bringing the total ETH bought by companies to 273,300.
Bitcoin Treasury Activity Slows Amid Continued Market Interest
In contrast to Ethereum’s robust treasury activity, Bitcoin (BTC) purchases by public companies have slowed considerably this week. Cointelegraph’s analysis reveals only four Bitcoin acquisitions since Monday, totaling around $60 million—significantly lower than the previous week.
Pop Culture Group (CPOP), a promoter of Chinese hip hop, was the largest Bitcoin buyer, acquiring 300 BTC for $33 million on Wednesday. This announcement propelled CPOP’s share price up over 40% in early trading, closing the day with a 12.5% gain at $1.62.
Robin Energy (RBNE), an oil and gas shipping company, saw its stock surge more than 150% in early trading after announcing a $5 million Bitcoin purchase. However, the stock later retreated to a 21% gain by the day’s close and declined further post-market.
Other notable Bitcoin buyers this week include the UK’s The Smarter Web Company and Sweden’s H100 Group, while Japan’s Metaplanet kicked off the week with a 136 BTC purchase valued at approximately $15 million.
Stock Market Responds to Crypto Treasury Announcements
Several public companies have experienced significant stock price movements following announcements of cryptocurrency acquisitions. Hong Kong-based QMMM Holdings saw an extraordinary 1,700% gain on Tuesday after declaring plans to invest $100 million in Bitcoin, Ethereum, and Solana (SOL), though shares dropped nearly 50% the following day.
Similarly, Eightco Holdings’ shares soared over 3,000% on Monday after announcing a $270 million raise to purchase Worldcoin (WLD), but the stock declined by 40% during Wednesday’s trading session.
Despite recent enthusiasm, Greg Cipolaro, global head of research at NYDIG, cautioned that premiums for crypto buying companies are decreasing. He forecasted a potentially volatile period ahead, noting that upcoming mergers and capital raises could trigger significant shareholder selling pressure.
FinOracleAI — Market View
BitMine’s substantial Ethereum accumulation reinforces its dominance in public ETH treasuries, likely signaling continued institutional confidence in Ethereum’s value proposition. However, the relative slowdown in Bitcoin treasury purchases suggests a cautious approach among public firms toward BTC exposure this week. Market reactions to crypto buy announcements remain volatile, reflecting investor sensitivity to both strategic moves and broader market conditions.
Impact: positive
